Having a will is an important part of estate planning, but it does not necessarily determine what happens to every asset after someone dies.

Many people assume that once a will is legally signed, it becomes the controlling document for distributing their entire estate. However, estate planning can be more complicated than that.

Certain financial accounts, property ownership arrangements, and legal designations may determine how specific assets are transferred, sometimes independently of the instructions outlined in a will.

Here are five important documents and arrangements that can affect an estate:

1. Beneficiary Designations

Life insurance policies, retirement accounts, and certain financial assets typically pass to the individuals named on their beneficiary designation forms. These designations may take precedence over instructions in a will.

2. Joint Ownership Agreements

How property or financial accounts are jointly owned can determine whether ownership automatically transfers to a surviving co-owner after death.

3. Transfer-on-Death (TOD) Designations and Deeds

Depending on state law and the type of asset, Transfer-on-Death arrangements can allow certain assets or real estate to pass directly to designated beneficiaries without going through probate.

4. Power of Attorney Documents

A power of attorney authorizes another person to make financial or legal decisions on someone’s behalf while they are alive and the document remains effective. Generally, this authority terminates upon the individual’s death.

5. Handwritten Notes and Personal Instructions

Personal letters, handwritten wishes, and informal notes may communicate someone’s intentions to family members. However, they generally do not replace legally valid estate-planning documents.

Estate Planning Requires More Than Just a Will

An effective estate plan involves ensuring that all relevant documents and arrangements work together.

This may include:

• Beneficiary designation forms
• Property deeds and ownership titles
• Bank and financial account ownership records
• Powers of attorney
• Healthcare directives
• Wills and, where appropriate, trusts

When these documents are inconsistent or outdated, families may encounter unexpected complications, disagreements, or delays during the estate administration process.

The Bottom Line

A will is an essential estate-planning tool, but it may not control every asset or decision. Reviewing beneficiary designations, property titles, account ownership, and other legal documents regularly can help reduce confusion and ensure that an estate plan reflects a person’s current wishes.

Disclaimer: This article is for general educational purposes only and does not constitute legal advice. Estate-planning laws, probate requirements, and the effect of individual documents vary by state and asset type. Consult a qualified estate-planning attorney for guidance regarding your specific circumstances.

Age is just a number for 78-year-old Rockland County resident James Thomas, who made his way across the finish line of the New York City Marathon, becoming the race’s last finisher.

Thomas, who first ran the NYC Marathon in 1980, completed the iconic race for the 43rd time this year.

More than four decades after his first marathon, Thomas continues to demonstrate remarkable dedication, perseverance and a love of running.

While many runners focus on finishing times and personal records, Thomas’s achievement is a reminder that sometimes the greatest accomplishment is simply making it to the finish line.

His 43rd completion of the world-famous race is an impressive milestone and an inspiration to runners of all ages.